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06 MARCH 2019 AL CIRCLE

Spot aluminium purchases among downstream consumers found tepid on high prices

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

According to Shanghai Metals Market, high prices of spot aluminium in the eastern and southern Chinese markets prompted reluctant aluminium purchases among downstream consumers this morning.

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Spot deals were mostly seen at RMB 13,680 per tonne to RMB 13,700 per tonne in Shanghai, barely changed from the previous morning. The front-month SHFE aluminium contract also traded range-bound in morning trade today. Transactions in Wuxi and Hangzhou were also heard at RMB 13,680 per tonne to RMB 13,700 per tonne.

Against the SHFE 1903 contract, spot discounts in Shanghai came in at RMB 30 per tonne to RMB 10 per tonne, narrower than RMB 40 per tonne to RMB 20 per tonne on Tuesday morning.

The Aluminium Corporation of China (Chalco) bought over 5,000 tonnes of spot aluminium in the eastern markets this morning. Yesterday, the company had bought over 7,000 tonnes.

In south China also, most transactions were found at RMB 13,680 per tonne to RMB 13,700 per tonne. Thus, the price spreads between Guangdong and Shanghai narrowed to zero today.

Chalco made small purchases at the price of RMB 13,710 per tonne in Guangdong this morning. Trades between traders were also unenthused in the province, and trade prices were heard at RMB 13,680 per tonne to RMB 13,690 per tonne.

Tagged with:

Aluminium Price China SMM

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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